(Image source from: SpiceJet to Submit Revival plan})

Troubled SpiceJet airlines would submit the revival plan to the Aviation ministry, on hope from helping hand of $200 million dollars from Founding promoter Ajay Singh and US-based JP Morgan Chase. This budget carrier is under deep financial crisis, dues to foreign and domestic vendors, airport operators and oil companies gone up to 1,230 Crore till December 10 from 990 Crore on November 24.

Meanwhile, Civil Aviation Minister said that the government is trying to help in this SpiceJet issue and the airline service provider needs to clean up its accounts to stay on board. And in a reply to reporters query he said why the government wants to pull or push airlines? Govt. wants more players, more airlines and more connectivity.

Potential investors and promoters are likely to buy stake from the current promoter Kalanithi Maran. With this SpiceJet can fly in the sky and retain its credibility of no-frills service in domestic airlines. Loss making companies like Kingfisher airlines and Spicejet airlines are creating a kind of uncertainty over airlines services and connectivity in India.

AW: Kannamsai